OREANDA-NEWS. October 29, 2009. Sberbank could issue a RUB1.2 bn loan so that IzhAvto which is going through bankruptcy proceedings could resume operations. According to Victor Chulokov, the Economic Development Ministry is to host a meeting to discuss the car maker’s situation in the coming days, including provision of a loan against state guarantees.

The enterprise needs money to launch output of Korean KIA cars under a contract with KIA Motors. The contract to assemble 1,000 Kia Spectra and 300 Kia Sorento cars per month is expected to be signed this week.